Indiana Code 32-29-6-13. Misstatement in written payoff statement
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Terms Used In Indiana Code 32-29-6-13
- mortgage: means a mortgage or mortgage lien on an interest in real property in Indiana given to secure a loan in the original principal amount of not more than one million dollars ($1,000,000). See Indiana Code 32-29-6-1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage servicer: means the last person to whom a mortgagor or the mortgagor's successor in interest has been instructed by a mortgagee to send payments on a loan secured by a mortgage. See Indiana Code 32-29-6-3
- payoff statement: means a statement of the amount of:
Indiana Code 32-29-6-5
Sec. 13. A creditor or mortgage servicer may not withhold the release of a mortgage if the written mortgage payoff statement misstates the amount of the payoff and the written payoff is relied upon in good faith by an independent closing agent without knowledge of the misstatement. It is not a misstatement if the written payoff statement is not accurate as a result of a change in circumstances occurring after the issuance of the payoff statement. The release of a mortgage does not affect the ability of the creditor or mortgage servicer to collect the full amount owed without regard to a misstatement in the written payoff statement and a release of the mortgage.
[Pre-2002 Recodification Citation: 32-8-15.5-13.]
As added by P.L.2-2002, SEC.14.